Business
Stabilis Solutions Reports Record Revenues and Reaffirms Growth Emphasis
HOUSTON, TX / ACCESSWIRE / November 10, 2021 / Stabilis Solutions, Inc., ("Stabilis" or "the Company") (NASDAQ:SLNG), a leading provider of energy transition
About this update from Stabilis Solutions, Inc.
[{"type":"text","content":"HOUSTON, TX / ACCESSWIRE / November 10, 2021 / Stabilis Solutions, Inc., (\"Stabilis\" or \"the Company\") (NASDAQ:SLNG), a leading provider of energy transition services including liquefied natural gas (\"LNG\") and hydrogen fueling solutions, today reported its financial results for its third quarter ended September 30, 2021.For the third quarter of 2021, the Company reported record revenues of $19.7 million, an increase of $10.7 million or 118% from the same period last year and an increase of $3.7 million or 23% from the second quarter of 2021. The Company's previous revenue high-water mark was $17.7 million in the first quarter of this year.Revenues from Stabilis' LNG segment were $17.8 million, a $10.1 million increase compared to the same period last year, and $3.4 million above the second quarter of 2021. The Company delivered a record of 15.0 million gallons of LNG to customers during the third quarter of 2021, an increase of 6.8 million gallons from the same period last year and up 1.4 million gallons from the second quarter of 2021. The Company's power delivery segment reported $1.9 million in revenue, an increase of $0.6 million from the same period last year and up $0.3 million from the second quarter of 2021.Earnings before interest, taxes, depreciation and amortization (\"EBITDA\"), a non-GAAP measure, was a loss of $2.0 million, compared to EBITDA of $0.4 million in the same period last year and $1.6 million in the second quarter of 2021. Adjusted EBITDA (excluding special items) was $1.4 million, compared to $0.4 million in the same period last year and $0.5 million in the second quarter of 2021. The Company recorded special items in the quarter totaling $3.0 million related to its executive leadership transition (including severance, legal fees, and stock-based compensation) and a $0.4 million impairment on a lease termination related to the Company's previous corporate headquarters.Net loss for the quarter was $4.6 million compared to a loss of $2.1 million in the same period last year and 1.0 million in the second quarter of 2021.Net cash provided by operating activities was $2.9 million during the quarter.Westy Ballard, President and CEO, commented, \"Our third quarter results highlight our team's continued success at expanding our customer and revenue base and steadily growing the top line. As the recently ...